Risk Management

Equating the failure of Ellerines to a heart attack is most apt! It strikes anywhere, anytime and usually without warning – often with fatal consequences. It is very unlikely that even a soothsayer or fortune teller would have foreseen the demise of Ellerines.

The month of August alone has seen two of the most significant cases of cybercrime including the world’s largest cybercrime hack to date, whereby a Russian crime ring hacked over 1,2 billion usernames and passwords, as well as 500 million email addresses. Following this, the theft of the names, Social Security numbers, physical addresses, birthdays and telephone numbers of 4.5 million patients was stolen from US-based Community Health Systems on 18 August, compromising the privacy of the patients and putting them at great risk for identity fraud.

The Institute of Risk Management South Africa will be rolling out its pilot board exam on 25 November 2014. This certification will ensure that Risk Managers have the necessary competence and knowledge required of them in their respective roles.

The approach to risk management is on the cusp of a shift towards a more unified slant from the traditional process-driven and qualitative focus. This looked good on paper however the reality that was ignored is the minefield that is human fallibility, which leads to an acceleration of potential risk incidents. The combination of qualitative and quantitative risk management allows for less of a static process and a more continuous re-evaluation throughout.

It’s a simple question which can have a complex answer – and finding that answer depends on a thorough product safety risk assessment process. Product safety legislation varies from country to country around the world, but there is one overriding commonality: when products are introduced into markets, they must be designed and produced so that they are safe to use.

The threat of cyber crime is closer than ever before. The Global Risks 2014 Report, released by the World Economic Forum (WEF) in collaboration with Zurich, found that cyber attacks were the fifth most likely risk to face the globe in the next ten years

As economic growth on the African continent accelerates, the number of South African businesses expanding their operations into the rest of the region grows steadily. However, as the continent is relatively new to international business relations, the potential risks associated with travelling to certain countries needs to be considered by businesses to ensure that both their businesses, and its personnel, have the necessary risk management measures in place before embarking on such business trips.